Households need to have a smooth level of consumption in order to maximize their utility. Among the factors influencing consumption smoothing are: the existence of a perfect capital market, lack of LIQUIDITY CONSTRAINTs and access to financial resources, so that individuals are able to borrow and lend in order to prevent their income and consumption fluctuations. This paper attempts to investigate the excess sensitivity of household consumption with emphasis on LIQUIDITY CONSTRAINTs in Iran using panel data related to two recessionary periods of 2013-2015 and the pre-recessionary period of 2010-2012. The results show that the excess sensitivity of consumption to current income is significant. This finding rejects the permanent income hypothesis based on rational expectations in Iran. The asymmetric impacts of the positive and negative growth rates of income on consumption confirm the LIQUIDITY CONSTRAINTs of households. Identification of the socioeconomic characteristics of households with higher sensitivity, especially during the recession of 2013-2014, suggests that households without access to or inadequate access to bank loans, the elderly-headed households, families headed by non-governmental employees, low-income and rural households are more sensitive to income in comparison to the other households.

In Iran, due to tax evasion, the government is not able to fully realize its potential tax revenue and usually face budget deficit. On the other hand, the central bank does not have enough independence. In this study, first, the monetary rule was calculated by optimizing the central bank's loss function by considering fiscal dominance and tax evasion. The derived rule responds to government deb in addition to inflation and GDP. Parameters have been calculated in the framework of dynamic stochastic general equilibrium model using Bayesian method based on data 2002-2017. We find that despite the fiscal dominance and LIQUIDITY CONSTRAINTs, tax evasion can act as a buffer layer for economic agents against economic shocks like government expenditure, oil revenue and technology but tax evasion is lead to greater volatility of economic variables. As a result, social welfare is decreased stronger while under fiscal dominance and absence of tax evasion, optimal monetary rule is impossible.

In this paper an uncertain multi objective closed-loop supply chain is developed. The first objective function is maximizing the total profit. The second objective function is minimizing the use of row materials. In the other word, the second objective function is maximizing the amount of remanufacturing and recycling. Genetic algorithm is used for optimization; and for finding the pareto optimal line, Epsilon-CONSTRAINT method is used. Finally a numerical example is solved with proposed approach and performance of the model is evaluated in different sizes. The results show that this approach is effective and useful for managerial decisions.

Present study aims at testing LIQUIDITY pricing with an emphasis on 10 different measures and testing LIQUIDITY-based trading strategy and comparing it with value/size-based strategy. To this end, a sample including companies involved in Tehran stock exchange during 1381-1393 was investigated. Accordingly, portfolio analysis method was applied. It was found out that LIQUIDITY is not priced in Tehran stock exchange. Applying difference in mean and GRS tests, it was revealed that LIQUIDITY-based trading strategy doesn’t lead to abnormal return. The results are not sensitive to different LIQUIDITY measures. Besides, it was found that value/size-based trading strategy is statistically more effective.

The aim of this study investigating the factors affecting the negative skewness of stock returns in Tehran Stock Exchange. For this purpose, the financial statements of 119 firms were collected during the period 2011-2017. Multivariate regression with panel data was used to test the hypotheses. The findings of the study indicate that debt maturity, conservatism, political connection, financial CONSTRAINT, stock LIQUIDITY, and institutional ownership are the most important factors influencing stock prices crash risk.

Constrain is the condition of driven by necessity. The principle of CONSTRAINT determines the duties of the person constrained. In jurisprudence, it includes a range of activities from cleanness to blood compensation. However, jurisprudents have discussed it mainly with regard to those that can be eaten and drunk, and presented three different interpretations: fear of losing one"s life; fear in general, including fear of losing one"s life, or one"s limb, etc.; and fear of things not related to oneself but to others. The roots of CONSTRAINT are compulsion, precautionary concealment, loss and necessity. The present article deals with a kind of CONSTRAINT whose source is necessiy. The Qur"an has explicitly excused the person constrained from duties provided that the oppressor shows no inclination to sin. Tradition says that "there is so unlawful act that God Almighty has not made it permissible under CONSTRAINT." The intellect also knows it permissible to give up necessary duties and to do the unlawful acts under CONSTRAINT. Finally, the writer presents the conditions under which the application of the principle of constrain is made permissible.

Stock LIQUIDITY risk can be thought as one of the factors affecting the investors expected return. Clarifying a measure according to the specifics of the company to measure the stock LIQUIDITY could help the investors to make better decisions. In this study, we examine the relationship between assets LIQUIDITY and stock LIQUIDITY in hole of druggist firms listed in Tehran Stock Exchange during the years 1387 and 1388. We use the turnover ratio .The results show that there is a significant relationship between the assets LIQUIDITY and stock LIQUIDITY. This relationship depends on market expectations regarding the deployment of the firm's liquid assets. Thus our hypothesis links stock LIQUIDITY to managerial actions that change the LIQUIDITY of the firm's assets, such as investment financing, and payout. Consistent with my prediction, I find that after controlling for firm fixed effects, increase in asset LIQUIDITY increases stock LIQUIDITY, too. The relation is stronger when the manager is less likely to convert liquid assets into illiquid assets such as for low market to book, during economic recessions, and when expected payout is high.